Stable market trend for Delhi property market

PTIMay 17, 2002, 05.36pm IST

NEW DELHI: Consulting firm Cushman & Wakefield has forecast a stable price outlook for Delhi's real estate market but said there is a chance of marginal decline in Gurgaon's commercial property prices.

"Property values for the National Capital Region (NCR) are expected to remain stable," a study by the real-estate consulting firm says.

It says the recessionary trend in real estate market has led many landlords to pursue financing means such as rent discounting.

About Gurgaon market, it says "values have declined marginally during last two months".

The dip in prices was caused by oversupply in office spaces and developers' aggressive pricing policy for their upcoming projects.

Comparing Gurgaon with Noida, another satellite city within NCR, it says "many large space occupiers from IT sector favour Noida compared to Gurgaon, given the lower rental and improved transport connectivity to Delhi".

On trends in farmhouse segment, it says "Delhi witnessed a perceptible shift in demand for farmhouses from independent houses in last two years".